Hello, hope you are having a good day!!
Early in his first term Eisenhower tried to lower taxes but was unable to, so basically he tried to get government to hold the line.
I should have added Kennedy to that line. When he came in he was able to lower taxes through congress and that spurred growth in the economy.
The tax changes under Reagan were part of a deal worked out with a fully democratic congress, what they wanted was a lot more stringent. And there was a lot of rebuilding the military in there. I had family in the military under Carter and Reagan and it was sad. At one point under Carter we had entire air wings that never flew unless they absolutely had to because there was not money in the budget to fix the planes. And that's just one example.
My personal preference was Coolidge. When the income tax was instituted it was for 1%, by the time Teddy left office it was 7%. Under Wilson that exploded to over 70%. How much of your personal money does the government have a right to confiscate?? Coolidge's best line was "I want the people to work less for the government and more for themselves." He was able to slash the size of government and scope of government. That was working great until Hoover decided to "get smart" and use his skills in running projects to "run the economy progressively". We all know that led to the crash of 1929. Ironically is was FDR that said in 1932 that you can not tax and spend America back into prosperity to get elected. Then in 1933 started down the progressive road even further. When it was not working he doubled and then tripled down on stimulus spending sinking us deeper and deeper into the Great Depression. Read some Henry Morganthau Jr, FDR's Sec Tres. After eight years he fell off the progressive bandwagon saying it has not worked, stating that all they had done was saddle America with more debt. That quickly had him fall out of favor with FDR and the left.
Truman slowed that down a bit, and Eisenhower a bit more. Finally Kennedy backed it off enough to allow breathing room in the economy. But LBJ destroyed all that, Nixon, Ford, and Carter were just varying degrees of progressiveness. Which is kinda like being "a little bit pregnant" :)
Reagan really put on the brakes as much as possible. Bush 41 tried taxing and spending more which led to his loss to Clinton. Ironically it was Clinton after he had his but handed to him in 94, really worked with Gingrich in congress and was able to balance budgets. Bush 43 tried to be a "compassionate conservative" which was crap of course. After 9/11 he concentrated on terrorism and let the progressives run domestic policy for the most part. A good example was the "no child left behind act", which was pretty much written by Ted Kennedy, who was never the man his brother was.
Obama's book is still being written but so far it has been stagnation like during the teens, the 30's, and the late 60's and 70's. A perfect example is the worker participation rate is the lowest since Carter in number and percentage. And income difference. The rich are getting richer and the poor are getting poorer. Black people are being especially hurt right now. In his effort to help certain people he hurts all people, except the very very rich.
In closing, history shows us the government really can not create jobs, but it can shut them down through over burdening regulation and confiscatory taxation. You provide a safety net, not a safety hammock. and let the economy breathe on its own and the growth will be astounding. Thus lifting all boats, and helping everyone.
I hope that helps in seeing where I am coming from. Thanks for reading, and have a great day!!! :)
reply
share